Stocks closed higher Monday, reversing earlier losses, with debt-ceiling talks this week a focus for Wall Street.
These stocks made moves Monday:
Oneok
(OKE) reached an agreement to buy
Magellan Midstream Partners
(MMP) in a cash-and-stock deal with a value of about $18.8 billion including debt. The merger would create one of the largest companies in the U.S. for transporting oil and natural gas. The deal price represents a 22% premium to
Magellan
‘s closing price Friday of $55.41. Magellan rose 13% to $63.29 on Monday. Oneok fell 9.1%.
Sarepta Therapeutics
(SRPT) rose 31% after a panel of outside experts convened by the Food and Drug Administration voted to recommend speedy approval of a gene therapy for muscular dystrophy.
Western Digital
(WDC) rose 11% following a report from Reuters that the chip maker and privately held Kioxia Holdings, a fellow data storage company, have sped up merger discussions. The stock was the leading gainer in the
S&P 500
on Monday.
SoFi Technologies
(SOFI) declined by 5%. The financial-services company was downgraded to Underperform from Neutral by analysts at Wedbush. On Friday, analysts at Truist Securities initiated coverage on
SoFi
with a Buy rating.
Tax preparer
H&R Block
(HRB) and
Intuit
(INTU), which owns TurboTax, fell 2.8% and 0.3%, respectively, as the government prepares a recommendation on allowing people to file taxes electronically for free directly with the Internal Revenue Service.
Shake Shack
(SHAK) rose 7.8% after The Wall Street Journal reported that Engaged Capital, which has a roughly 6.6% stake in the burger chain, was planning to run a proxy fight for three board seats at the company.
NeoGames
(NGMS), which provides iLottery solutions for national and state lotteries, surged 112% to $27.17 after Australia’s
Aristocrat Leisure,
a developer of mobile and casino games, agreed to buy the company for $29.50 a share in cash.
Charles Schwab
(SCHW) was upgraded to Outperform from Market Perform at Raymond James. The stock gained 4.1%. On Friday, the brokerage said client assets rose in April.
Newmont
(NEM) rose 2.5% after agreeing to acquire Australian gold and copper miner
Newcrest
Mining for $17.5 billion. The takeover would cement Newmont (ticker: NEM) as the world’s largest producer of gold.
Activision Blizzard
(ATVI) rose 1.2% after European regulators approved
Microsoft’s
(MSFT) $69 billion deal for the videogames maker. The decision by the European Commission comes just weeks after British regulators decided to block the purchase.
Microsoft
was down slightly.
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